Epoch Residential purchased the Thornton Park Luxury Apartments in Jacksonville for $61.6 million. Built in 2008, Thornton Park features 16 one-, two- and three-bedroom flat and townhome-style floorplans, ranging from 785 to 1,600 square feet. The new owner is planning to renovate the apartment community’s common areas and unit interiors. Epoch secured the purchase with a $50 million loan from Colony Mortgage Capital.
“We’re essentially taking on an asset that we know has been very well maintained and making it into an even better product,” said McCarley Davis, executive vice president and chief investment officer for Epoch Residential. “What we’re doing is responding to changing market conditions and the evolving tastes and preferences of today’s renters.”
